Crude on Slippery Slope

It’s official – crude is down 50% from its all-time high just 3 months ago – a slide of 10% today alone.

Is anyone surprised that the folks at OPEC are wetting their pants?

Still, here in Northern NJ, the price of gas has just breached the $3/gallon; I expect that if the price holds, gasoline would continue down to the $2.50 level.

I’m watching the Dow Industrials recover from being 700 points down to only around 125 down at the closing bell.

My prediction? Like I said yesterday, lower crude will help a recovery.

Crude Oil Drops Below $80 as Equities Slump on Credit Freeze – Bloomberg.com